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Libya Restarts Operations at Key Western Oil Fields

“Operations have restarted at two key oil fields and a connected pipeline in Western Libya that have been shut down for over two years, Libyan officials said, following an agreement with local tribes.

A pipeline that can transport over 400,000 barrels a day of oil from two connected fields has partly reopened, the officials said. If successful, the pipeline’s reopening could bring back more than 200,000 barrels a day of oil within days, one of the officials said.

The potential return to the market of hundreds of thousands of barrels of Libyan crude comes just as oil prices have rallied on the promise of production cuts by members of the Organization of the Petroleum Exporting Countries and other major producers.”